To date, 74 jurisdictions around the world have ratified the Amendment. The document provides for the provision by financial institutions of additional information to be exchanged between the competent authorities of the parties to the agreement, taking into account the latest developments in the international financial and tax sphere.
In particular, the scope of application of the AEOI is being expanded. It will include electronic financial products (certain types of electronic money, derivative financial instruments related to crypto-assets, as well as digital currency of the central bank of the state).
In addition, it is envisaged to implement stricter and more detailed prudential checks for certain financial institutions.
As the authors of the document argue for the need to ratify the Amendment, AEOI is one of the most developed forms of international tax cooperation. It allows states to obtain data on accounts held by their residents in financial institutions of other jurisdictions.
This reduces the possibility of concealment of income outside the country and strengthens the ability of tax authorities to prevent cross-border tax evasion.
Financial institutions will be required to apply the new requirements from January 1, 2027.
